Financial Statements

Statement of Comprehensive Financial Performance


For the year ended 30 June 2013

    Council Group24
  Note Actual
2013
$000
Budget
2013
$000
Actual
2012
$000
Actual
2013
$000
Actual
2012
$000
             
INCOME            
             
Revenue from rates            
Revenue from rates (excluding metered water)
1 226,022 226,603 217,908 226,022 217,908
Revenue from water rates by meter
1 11,366 12,822 12,356 11,366 12,356
Operating Activities            
Revenue from development contributions
2 4,356 5,000 3,434 4,356 3,434
Revenue from grants, subsidies and reimbursements
2 46,795 52,596 69,523 51,076 76,420
Revenue from other operating activities
2 111,056 99,395 108,529 122,608 119,518
Revenue from investments 3 23,590 18,464 34,929 12,668 12,493
             
             
Total Revenue   423,185 414,880 446,679 428,096 442,129
Fair value movement on investment property revaluation 17 5,385 - - 5,385 -
Other income 4 14,706 1,164 16,451 14,719 16,468
Finance income 5 3,139 562 2,202 3,497 2,493
             
TOTAL INCOME   446,415 416,606 465,332 451,697 461,090
             
EXPENSE            
             
Finance expense 5 (23,150) (22,647) (21,578) (23,152) (21,670)
Expenditure on operating activities 6 (303,930) (264,830) (288,611) (318,740) (304,680)
Depreciation and amortisation 7 (91,148) (91,703) (88,537) (91,977) (89,356)
Fair value movement on related party loans 13 - - (1,002) - (1,002)
Fair value movement on investment property revaluation 17 - - (3,418) - (3,418)
             
TOTAL EXPENSE   (418,228) (379,180) (403,146) (433,869) (420,126)
             
TOTAL OPERATING SURPLUS   28,187 37,426 62,186 17,828 40,964
             
Share of equity accounted surplus/(deficit) from associates 41 - - - 12,705 9,105
             
             
NET SURPLUS BEFORE TAXATION   28,187 37,426 62,186 30,533 50,069
             
Income tax expense 8 - - - (91) (107)
             
             
NET SURPLUS for the year   28,187 37,426 62,186 30,442 49,962
             
             
OTHER COMPREHENSIVE INCOME            
             
Adjustment for wind-up of St James 40 - - 14,577 - -
Revaluations:            
Fair value movement - property, plant and equipment - net 25 - - 48,612 - 48,612
Cash flow hedges:            
Fair value movement - net 26 14,104 - (14,455) 14,104 (14,455)
Reclassification to finance income 26 (163) - (268) (163) (268)
Fair value through other comprehensive income:            
Fair value movement - financial assets - net 27 (61) (432) (594) (61) (594)
Share of other comprehensive income of associates:            
Fair value movement - property, plant and equipment - net 25 - - - - 33,437
Reclassification to share of equity accounted surplus 26 - - - 153 1,072
Adjustment - disposal of a subsidiary by an associate 41 - - - - 1,745
             
TOTAL OTHER COMPREHENSIVE INCOME   13,880 (432) 47,872 14,033 69,549
             
TOTAL COMPREHENSIVE INCOME for the year   42,067 36,994 110,058 44,475 119,511
             

The notes on page 110 to 188 form part of and should be read in conjunction with these financial statements.

24The Group includes the Council, the subsidiaries disclosed in Note 40, and the Council’s interest in the associates disclosed in Note 41. A structural diagram of the Group is shown in Note 38.